Samsung Electronics has said that it will spend more than $700 million on its factory building in Beni Suef, Egypt.
Chairman of Samsung Egypt Jong Soo Jeong says that this center was built in a record 10 months. It is the first of its kind in the Middle East and Africa and one of only 14 in the world.
Egyptian Prime Minister Mostafa Madbouly recently visited the complex.
While there, Jeong told Madbouly that the plant can now make 6 million units of electronics every year, such as TVs, cell phones, and tablets. The building will get an extra $85 million between 2022 and 2024 so that it can make mobile gadgets and computers.
Jeong stressed that Samsung was dedicated to turning Egypt into a regional hub for manufacturing and exporting that would serve the Middle East, Europe, and Africa. Interestingly, 85% of the TVs made at the Beni Suef plant are sent to over 55 countries. This has helped Samsung stay at the top of tech exports since 2015.
Samsung’s position in Beni Suef has not only grown the tech industry but also created a lot more jobs in the area. About 5,000 people work directly or indirectly for the plant.
Most of them are from Upper Egypt. Jeong talked about how committed the company is to training its employees to meet foreign standards.
He said that workers get specialized training at Samsung facilities in South Korea, Russia, Hungary, and Malaysia, among other places.
Additionally, Jeong said that the building in Beni Suef used to make cell phones is home to over 1,400 people and covers more than 9,000 square meters.
There are plans to finish the upgrades by the end of 2024 so that production can start in the first quarter of 2025.
Prime Minister Madbouly recognized Samsung’s role in bringing advanced technology manufacturing to Egypt and said the government was ready to offer the company any benefits it needed to make it more competitive and make it easier for Egyptians to sell its products in other countries.
By making this smart investment, Samsung not only improves Egypt’s manufacturing scene, but it also makes the country a stronger economic player in the region, which will help the local economy and create jobs.